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Getting older in the United States can be expensive, especially if you end up needing long-term care from a nursing home or home health care worker.1 year in private Nursing home roomFor example, it costs about $108,405 on average nationwide.
The simple fact is that most people cannot afford such costs out of pocket. But if you're worried about being able to pay for long-term care when you get older, there are things you can do to prepare now. is to buy. Long-term care insurance.
there are many types Long-term care insurance Choose from. One thing to consider, especially if you have a family, is benefit-linked long-term care insurance. It combines long-term care coverage with traditional death benefits like a life insurance policy.
Are you ready for long-term care insurance? Start shopping now.
Should I enroll in benefit-linked nursing care insurance?
There are many reasons to enroll in an indexed benefit long-term care insurance plan (also known as a long-term care insurance plan). Hybrid nursing care insurance plan — makes sense. Reasons to consider obtaining this type of policy include:
it can help your family
Getting older isn't the only thing that costs money in America. Dying also costs a lot of money, from funeral costs to probate procedures. And indexed benefit plans can help families get the funds they need to address all of these costs.
“Consolidated benefit plans combine long-term care insurance with life insurance and offer broader coverage and greater flexibility. However, because they insure multiple risks, they are usually slightly more expensive. It’s expensive,” said Jeff Belligotti, vice president and head of long-term. New York Life Care Solutions. “However, this type of policy includes a death benefit, so you can be sure of leaving a legacy for your loved ones.”
Some linked benefit plans provide death benefits no matter what. Others give what's left of their long-term care funding pool to their families. This means that with this type of insurance, there may be no death benefit remaining. Talking to your insurance agent can help you determine which plan is right for you.
Find the nursing care insurance that suits you.
Covers a variety of nursing care
Like other long-term care insurance products, many services You can pay using a linked benefit plan. If you need full-time care in a nursing home, we can pay for it. On the other hand, if you are able to live independently but want to belong to a community where you can receive support, you can pay for assisted living. You can also receive benefits to pay for home care expenses. hospice care and an occupational therapist.
Some plans even allow you to pay your family for the time they spend caring for you. Again, be sure to consult your insurance agent or other advisor to get the best plan for you.
Streamline your insurance
Nursing care insurance is important. Life insurance This is also important, especially if you have family members who you want to make sure are taken care of. Sure, you could buy two separate policies, but purchasing an indexed benefit plan allows you to combine the two policies into one, making your life a lot easier.
This type of plan also means you won't have to pay unnecessary premiums if long-term care is no longer needed.
“Benefit-linked long-term care plans are more versatile because they provide long-term care insurance when you need it, life insurance when you don't, or a combination of both,” Belligotti says. “We offer a money-back guarantee if you pay within the stipulated period.”
conclusion
Benefit-linked long-term care insurance plans provide money for long-term care and a death benefit to your family after you die. This type of plan can be a great option if you want to leave some money for your family to offset the costs of your death while also providing long-term care coverage. Policies vary, so be sure to check the details of the item you're purchasing.
